How likely are you to have $5K of medical expenses (of the sort insurance pays) in a year? Remember that in case of a major disaster you would be unemployed and become medicaid eligible (and if you or a spouse might have a baby, there are special standards for medicaid maternity). Do you have substantial assets or are you “judgement proof” — meaning that if worse came to worst, you could file for bankruptcy if you had horrific medical bills.
If your typical medical costs are a few doctors outpatient visits, and some generic antibiotics you are will lost money by buying insurance at the rate of $5000/year.
Health insurance is a “bet” with the insurance company. You are betting you will be sick and injured and run up $5000 of medical bills, and they are betting you won’t (meaning they make a profit on the bet).